Retirement account questions

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Grassman
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Retirement account questions

Postby Grassman » Thu Jul 31, 2014 2:24 pm

So my wife will be starting a new job in a couple weeks. Her previous job had a 401k, which we applied 20% of her income to. Her new job does not offer 401k, they have a 457 account. Does anyone have any experience with this? Just some quick Google searches I read a little, but it sound like the employer does not match any funds in this account, more of just a savings plan. What is it?

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 3:23 pm

I have zero experience with either one, but I know that generally..they work similarly..put money in to one or more of the investments offered, up to a certain amount each year, towards retirement.

..but I just read that there is not the 10% penalty for early withdrawal..like a 401K has.

What I DO know, is..if you qualify..a ROTH IRA is better, since there is no match.

I think a Financial advisor would tell you to first fully fund a ROTH IRA each year..then put what you can above and beyond that..into a plan like the one offered.

If you don't qualify for a ROTH..congratulations on your household income, you evil rich person!
If you’re “woke”..you’re a loser.

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Grassman
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Re: Retirement account questions

Postby Grassman » Thu Jul 31, 2014 3:37 pm

So it's more like an IRA than a 401k? I made a call to my financial guy, he's looking into what I should do. Though I'd ask the geniuses on this board too.

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Bob Of Burleson
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Re: Retirement account questions

Postby Bob Of Burleson » Thu Jul 31, 2014 3:50 pm

With Roth IRAs, you won't get hammered with the Required Minimum Distribution like you do with regular IRAs. That's a pill.

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 3:53 pm

Bob Of Burleson wrote:With Roth IRAs, you won't get hammered with the Required Minimum Distribution like you do with regular IRAs. That's a pill.


It is an advantage, but by 70 you should be spending your money..(you old fart that can't take it with you.)
If you’re “woke”..you’re a loser.

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 3:54 pm

Grassman wrote:So it's more like an IRA than a 401k? I made a call to my financial guy, he's looking into what I should do. Though I'd ask the geniuses on this board too.


I don't think it's like an IRA, (which you yourself would control completely.)
If you’re “woke”..you’re a loser.

grouchy
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Re: Retirement account questions

Postby grouchy » Thu Jul 31, 2014 4:01 pm

You might want to talk to Ryan.

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Bob Of Burleson
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Re: Retirement account questions

Postby Bob Of Burleson » Thu Jul 31, 2014 4:07 pm

GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)


Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year. :D

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 4:11 pm

Bob Of Burleson wrote:
GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)


Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year. :D



Yes, you're right..croaking with a big unspent pile of money is a much better plan..definitely.
If you’re “woke”..you’re a loser.

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Bob Of Burleson
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Re: Retirement account questions

Postby Bob Of Burleson » Thu Jul 31, 2014 4:18 pm

I'll bet Obama rubs his hands together in glee when he sees your income tax payment coming. :lol:

Red Oak
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Re: Retirement account questions

Postby Red Oak » Thu Jul 31, 2014 4:19 pm

Some of us might have Children and Grandchildren to leave something to.
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I am a never Kamalaite!

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Bob Of Burleson
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Re: Retirement account questions

Postby Bob Of Burleson » Thu Jul 31, 2014 4:21 pm

Greg has his dogs.

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 4:21 pm

Bob Of Burleson wrote:
GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)


Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year. :D


Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.

People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."

Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."
If you’re “woke”..you’re a loser.

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 4:23 pm

Red Oak wrote:Some of us might have Children and Grandchildren to leave something to.



Understood..but your retirement account is for..YOUR retirement.

They'll assemble their own.
If you’re “woke”..you’re a loser.

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GFB
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Re: Retirement account questions

Postby GFB » Thu Jul 31, 2014 4:25 pm

Bob Of Burleson wrote:I'll bet Obama rubs his hands together in glee when he sees your income tax payment coming. :lol:


He'll be long gone,..probably the next guy, too.
If you’re “woke”..you’re a loser.

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Bob Of Burleson
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Re: Retirement account questions

Postby Bob Of Burleson » Thu Jul 31, 2014 4:31 pm

I understand Obama's going to declare himself permanent president. :D

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John in Plano
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Re: Retirement account questions

Postby John in Plano » Mon Mar 11, 2019 12:08 pm

GFB wrote:
Bob Of Burleson wrote:
GFB wrote:...but by 70 you should be spending your money..(you old fart that can't take it with you.)


Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year. :D


Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.

People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."

Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."



Marketimer......
It's ok if you disagree with me.
I can't force you to be right.

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GFB
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Re: Retirement account questions

Postby GFB » Mon Mar 11, 2019 12:22 pm

John in Plano wrote:
GFB wrote:
Bob Of Burleson wrote:
Just wait, you whippersnapper, you'll love adding that distribution to your income tax payment each year. :D


Reminds me of the time in early 2000 when Bob Brinker instructed his subscribers to get mostly out of the stock market..just in time to side step the coming bear market.

People started calling his show saying.."I can't get out of the stock market now..I'd have a big tax bill."

Bob told them.."oh, no problem..just wait until the market drops hugely..that problem will go away."



Marketimer......


It’s every financial “expert’s” dream to sidestep a bear market.

That was the one time BB tried it..and he was 100% successful.

He’s never tried it since..and has always discouraged people from trying it.

Even back then, it was a recommendation only for those that really wanted to.
If you’re “woke”..you’re a loser.

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GFB
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Re: Retirement account questions

Postby GFB » Mon Mar 11, 2019 12:22 pm

..and you went through 5 years of posts to find that?
If you’re “woke”..you’re a loser.

jellowrestling
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Re: Retirement account questions

Postby jellowrestling » Mon Mar 11, 2019 4:11 pm

I didn't see this thread when it originally went out (it was during the time that I was working myself nearly to death), but I'd be interested in knowing what Grassman eventually did. A 457 is similar to a 401k or 403b, but there is no 10% early withdrawal penalty.


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